CREDIBILITY: An Important Factor in Real Estate
Nov 12, 2016 Real Estate News
Let it be your first house or be it your twentieth, one needs to have good and higher credit score in order to get a loan and buy the house. Your credit score is what helps you qualify for the sum of money one would want to lend. Having good credit score is always beneficial for the buyer and for the investment. For taking a loan or for borrowing money, the most crucial factor the lender or the lending institution looks into is one’s credibility. Hence it is highly advisable to maintain the score.
One should check for his or her credit score before getting involved in the loan process, this will help you be sure that you have the ability to borrow the concerned amount of money. There are majorly three companies who give and rate a person’s credit score. They give you points on the basis of your good credit, on how your credit score was in the past.
The three companies which rate your score are as follows
How can one keep a good credit score?
An addition of points to your credit score consequently means addition of extra abilities that takes place with the home loan. Understanding thoroughly the factors of one’s credit score will help in saving money, also time and will help in getting the loan (of whatever amount you want) approved easily.
Hence one should start building his or her credibility before going for purchasing a house as that way fetching loan and owning the property becomes a lot easier and faster.
One should check for his or her credit score before getting involved in the loan process, this will help you be sure that you have the ability to borrow the concerned amount of money. There are majorly three companies who give and rate a person’s credit score. They give you points on the basis of your good credit, on how your credit score was in the past.
The three companies which rate your score are as follows
- Equifax
- Experian
- Transunion
How can one keep a good credit score?
- Be regular with all your bills and payments.
- Have a strong and good past history in terms of credibility.
- handling situations like overdue payments wisely and carefully.
- financial stability of the person taking the loan.
- The monthly income of that person
- what is the job status of the person?
An addition of points to your credit score consequently means addition of extra abilities that takes place with the home loan. Understanding thoroughly the factors of one’s credit score will help in saving money, also time and will help in getting the loan (of whatever amount you want) approved easily.
Hence one should start building his or her credibility before going for purchasing a house as that way fetching loan and owning the property becomes a lot easier and faster.
